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Non-Tech : Invest / LTD
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To: Lucretius who wrote (3008)9/16/1998 4:11:00 PM
From: wlheatmoon  Read Replies (1) of 14427
 
LT---

Interesting day. Market inched up prior to AG's testimony. 100 point swing down with AG's comments. Then a mad rush to buy. My take on AG's comments and the Banking Committee's sentiments is that there is nothing new about a potential rate cut and that the IMF's effort to help the emerging markets is basically for naught.

With that said, I'm surprised the market rebounded. Could this be the blowoff rally prior to the next major move down? My guess is that the overseas markets are not going to be happy about Greenspan's comments and about the potential lack of money for IMF. I think overseas market going to tank, then folks in the US are going to rehash Greenie's comments and realize that there is no magic bullet.

Of course I could be off my rockers. Wouldn't be the first time. Something smells when there are run ups in the nets like YHOO (+9), CMGI (+8), and INKT (+7 3/4) without any major news to account for the moves.

mike
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